Q2.
From the following particulars extracted from the books
of Ganguli, prepare trading and profit and loss account and balance sheet as at
31st March, 2016 after making the necessary adjustments:
|
|
Rs.
|
|
Rs.
|
|
Ganguli’s
capital account (Cr.)
|
5,40,000
|
Interest
received
|
72,500
|
|
Stock
on 1.4.2015
|
2,34,000
|
Cash
with Traders Bank Ltd.
|
40,000
|
|
Sales
|
14,48,000
|
Discounts
received
|
14,950
|
|
Sales
return
|
43,000
|
Investments
(at 5%) as on 1.4.2015
|
25,000
|
|
Purchases
|
12,15,000
|
Furniture
as on 1-4-2015
|
9,000
|
|
Purchases
return
|
29,000
|
Discounts
allowed
|
37,700
|
|
Carriage
inwards
|
93,000
|
General
expenses
|
19,600
|
|
Rent
|
28,500
|
Audit
fees
|
3,500
|
|
Salaries
|
46,500
|
Fire
insurance premium
|
3,000
|
|
Sundry
debtors
|
1,20,000
|
Travelling
expenses
|
11,650
|
|
Sundry
creditors
|
74,000
|
Postage
and telegrams
|
4,350
|
|
Loan
from Dena Bank Ltd. (at 12%)
|
1,00,000
|
Cash
in hand
|
1,900
|
|
Interest
paid
|
4,500
|
Deposits
at 10% as on
1-4-2015
(Dr.)
|
1,50,000
|
|
Printing
and stationery
|
17,000
|
Drawings
|
50,000
|
|
Advertisement
|
56,000
|
|
|
Adjustments:
(1) Value of stock as on 31st March, 2016 is Rs.3,93,000.
This includes goods returned by customers on 31stMarch, 2016 to the value of
Rs.15,000 for which no entry has been passed in the books.
(2) Purchases include furniture purchased on 1st January,
2016 for Rs.10,000.
(3) Depreciation should be provided on furniture at 10%
per annum.
(4) The loan account from Dena bank in the books of
Ganguli appears as follows:
|
|
Rs.
|
|
Rs.
|
|
31.3.2016
To Balance c/d
|
1,00,000
|
1.4.2015
By Balance b/d
|
50,000
|
|
|
|
31.3.2016
By Bank
|
50,000
|
|
|
1,00,000
|
|
1,00,000
|
(5) Sundry debtors include Rs.20,000 due from Robert and
sundry creditors include Rs.10,000 due to him.
(6) Interest paid include Rs.3,000 paid to Dena bank.
(7) Interest received represents Rs.1,000 from the sundry
debtors and the balance on investments and deposits.
(8) Provide for interest payable to Dena bank and for
interest receivable on investments and deposits.
(9) Make provision for doubtful debts at 5% on the
balance under sundry debtors. No such provision need to be made for the deposits.
see in detail
Q3.
Sengupta & Co. employs a team of eight workers who
were paid Rs.30,000 per month each in the year ending 31st December, 2015. At the
start of 2016, the company raised salaries by 10% to Rs.33,000 per month each.
On July 1, 2016 the company hired two trainees at salary
of Rs.21,000 per month each. The work force are paid salary on the first
working day of every month, one month in arrears, so that the employees receive
their salary for January on the first working day of February etc.
You are required to calculate:
(i) Amount of salaries which would be charged to the
profi t and loss for the year ended
31st December, 2016.
(ii) Amount actually paid as salaries during 2016
(iii) Outstanding
Salaries as on 31st December, 2016
see in detail
Q4.
You are required, prepare a Trading and Profit and Loss
Account for the year ending 31st March, 2016 and a Balance Sheet as on that
date from the Trial Balance given below:
|
|
Rs.
|
|
Rs.
|
|
Debit
Balance:
|
|
Salaries
|
2,20,000
|
|
Trade
receivables
|
3,50,000
|
Purchases
|
12,50,000
|
|
Inventory
1st April, 2015
|
5,00,000
|
Plant
and Machinery
|
15,70,000
|
|
Cash
in Hand
|
5,60,000
|
Credit
Balance:
|
|
|
Wages
|
3,00,000
|
Capital
|
25,00,000
|
|
Bad
Debts
|
50,000
|
Trade
payables
|
9,00,000
|
|
Furniture
and Fixtures
|
1,50,000
|
Sales
|
17,00,000
|
|
Depreciation
|
1,50,000
|
|
|
On 31st March, 2016
the Inventory was valued at Rs.10,00,000
see in detail
Q5.
Mr. Kotriwal is engaged in business of selling magazines.
Several of his customers pay money in advance for subscribing his magazines.
Information related to year ended 31st March 2017 has been given below:
On 1.4.2016 he had a balance of Rs.2,00,000 advance from
customers of which Rs.1,50,000 is related to year 2016-17 while remaining
pertains to year 2017-18. During the year 2016-17 he made cash sales of Rs.5,00,000.
You are required to compute:
i) Total income for the year 2016-17.
ii) Total money received during the year if the closing
balance in advance from customers account is Rs.1,70,000.
see in detail
